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Revel ends contributions to 401K

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Photo by Arun Kristian Das Photo by Arun Kristian Das

By WAYNE PARRY

ATLANTIC CITY, N.J. (AP) - New Jersey's newest casino is ending contributions to its employees' 401K accounts as part of ongoing cost-cutting moves.

Revel Casino Hotel says it hopes to be able to resume matching contributions to workers' accounts at some point in the future.

The $2.4 billion casino resort, which is less than a year and a half old, emerged from bankruptcy court in May. It has struggled since it opened in April 2012 to gain a substantial share of Atlantic City's cutthroat casino market.

Interim CEO Jeffrey Hartman said earlier this month Revel would continue to look for ways to reduce expenses and become profitable.

Its bankruptcy case enabled it to wipe away $1.2 billion of its $1.5 billion in debt, in return for granting lenders an 82% ownership stake.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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